NFP Tuesday

It's NFP Tuesday and bad news is good news. The economy added fewer jobs in September, so the Fed will never taper.

But the unemployment rate went down, so maybe the Fed will taper.

Such comedic nonsense is better debated on television.

The 1733.15 gap remains, and yesterday the S&P was only able to muster a shallow decline to a 1:1 Fib target at the 1740 area which keeps the pressure on to the upside.

Any trade above 1745.41 without a new low beforehand projects new highs. Should a new high materialize, it may be able to be sold if it remains below 1748.86. There is a Fib extension target at 1748.44.

Italy plans to offer guarantees on government bond derivatives. This is a perfect set up for a debacle.

"Such issues require hedging against currency risks through derivatives contracts and this would be too expensive without the collateral guarantees," a Treasury official said.

Too expensive to hedge without guarantees? If they can't afford to hedge, they shouldn't do the trades in the first place.

Watch for the Italian government to renege on these guarantees when the next crisis hits.

Tuesday's don't have much going for them. I look forward to Monday because it's the start of the new week. Wednesday is Hump Day. Thursday is almost the weekend. And Friday IS the weekend. Big government news reports should come out on Tuesdays. Tuesdays need some humor. I kind of liked NFP Tuesday and hope it stays.